N-Q 1 lp1928.htm FORM N-Q lp1928.htm - Generated by SEC Publisher for SEC Filing

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-03757

 

 

 

Dreyfus Premier California AMT-Free Municipal Bond Fund, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York  10166

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

  05/31

 

Date of reporting period:

  02/28/19

 

             

 

 

 

FORM N-Q

Item 1.                  Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
February 28, 2019 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0%         
California - 100.3%           
ABAG Finance Authority for Nonprofit           
Corporation,           
Revenue Bonds (Sharp HealthCare)           
Ser. A  5.00  8/1/2043  13,250,000   14,462,110 
ABAG Finance Authority for Nonprofit           
Corporation,           
Revenue Bonds (Sharp HealthCare)           
Ser. A  6.00  8/1/2030  5,000,000   5,512,950 
Alameda Corridor Transportation           
Authority,           
Second Subordinate Lien Revenue           
Bonds, Refunding, Ser. B  5.00  10/1/2037  1,650,000   1,819,587 
Allan Hancock Joint Community           
College,           
GO (Convertible CABS-Election of           
2006) Ser. C  0/5.60  8/1/2047  11,375,000 a  7,001,654 
Anaheim Community Facilities District,           
Special Tax Revenue Bonds,           
Refunding (Platinum Triangle)  4.00  9/1/2046  2,000,000   2,006,420 
Anaheim Community Facilities District,           
Special Tax Revenue Bonds,           
Refunding (Platinum Triangle)  4.00  9/1/2041  5,250,000   5,280,397 
California,           
GO (Various Purpose)  5.25  10/1/2032  9,170,000   9,943,306 
California,           
GO (Various Purpose)  5.25  9/1/2031  25,000,000   27,055,250 
California,           
GO (Various Purpose)  5.25  9/1/2032  19,500,000   21,093,150 
California,           
GO (Various Purpose)  5.25  3/1/2030  15,000,000   15,485,250 
California,           
GO (Various Purpose)  5.50  3/1/2040  17,500,000   18,068,575 
California,           
GO (Various Purpose)  5.50  11/1/2035  10,000,000   10,562,900 
California,           
GO (Various Purpose)  6.00  3/1/2033  2,000,000   2,086,640 
California,           
GO, Refunding (Various Purpose)  5.00  8/1/2036  7,000,000   8,064,070 
California,           
GO, Refunding (Various Purpose)  5.00  9/1/2036  10,000,000   11,531,900 
California,           
GO, Refunding (Various Purpose)  5.00  2/1/2038  5,000,000   5,386,050 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
California,           
GO, Refunding (Various Purpose)  5.25  2/1/2029  13,835,000   15,172,291 
California,           
GO, Refunding (Various Purpose)  6.50  4/1/2033  9,000,000   9,032,940 
California County Tobacco           
Securitization Agency,           
Tobacco Settlement Asset-Backed           
Refunding Revenue Bonds (Kern           
County Tobacco Funding           
Corporation)  5.00  6/1/2034  5,000,000   5,224,750 
California County Tobacco           
Securitization Agency,           
Tobacco Settlement Revenue Bonds  0.00  6/1/2046  12,500,000 b  1,694,750 
California Education Facilities           
Authority,           
Revenue Bonds, Refunding (Loma           
Linda University) Ser. A  5.00  4/1/2036  3,845,000   4,410,907 
California Education Facilities           
Authority,           
Revenue Bonds, Refunding (Loma           
Linda University) Ser. A  5.00  4/1/2037  1,500,000   1,712,370 
California Educational Facilities           
Authority,           
Revenue Bonds (Chapman           
University)  5.00  4/1/2045  2,305,000   2,570,997 
California Educational Facilities           
Authority,           
Revenue Bonds (Chapman           
University)  5.00  4/1/2040  5,000,000   5,594,750 
California Educational Facilities           
Authority,           
Revenue Bonds (Pooled College and           
University Projects) (Escrowed to           
Maturity) Ser. A  5.63  7/1/2023  90,000   97,813 
California Educational Facilities           
Authority,           
Revenue Bonds, Refunding           
(Occidental College)  5.00  10/1/2045  500,000   567,820 
California Educational Facilities           
Authority,           
Revenue Bonds, Refunding           
(Pepperdine University)  5.00  9/1/2045  5,000,000   5,681,550 
California Health Facilities Financing           
Authority,           
Revenue Bonds (City of Hope) Ser. A  5.00 11/15/2024  1,600,000   1,782,528 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Lucie Salter Packard           
Children's Hospital at Sanford) Ser. A  5.00  7/1/2037  590,000 c  650,994 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
California Health Facilities Financing           
Authority,           
Revenue Bonds (Lucie Salter Packard           
Children's Hospital at Sanford) Ser. A  5.00  7/1/2047  875,000 c  948,999 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Providence Health           
and Services) Ser. A  5.00  10/1/2030  3,500,000   4,032,980 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Providence Health           
and Services) Ser. A  5.00  10/1/2031  4,430,000   5,079,704 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Rady Children's           
Hospital - San Diego)  5.25  8/15/2041  8,500,000   9,041,450 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Saint Joseph Health           
System) Ser. A  5.00  7/1/2037  7,500,000   8,265,825 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Scripps Health) Ser.           
A  5.00 11/15/2036  7,525,000   7,706,277 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Stanford Hospital           
and Clinics) Ser. A  5.00  8/15/2042  1,000,000   1,089,270 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Sutter Health) Ser. A  5.00 11/15/2048  3,000,000   3,363,330 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Sutter Health) Ser. A  5.00 11/15/2031  1,150,000   1,331,677 
California Health Facilities Financing           
Authority,           
Revenue Bonds (Sutter Health) Ser. A  5.00 11/15/2030  750,000   873,818 
California Health Facilities Financing           
Authority,           
Revenue Bonds, Refunding           
(Adventist Health System/West) Ser.           
A  4.00  3/1/2039  2,925,000   2,992,421 
California Health Facilities Financing           
Authority,           
Revenue Bonds, Refunding           
(Children's Hospital) Ser. A  5.00  8/15/2047  2,000,000   2,196,860 
California Health Facilities Financing           
Authority,           
Revenue Bonds, Refunding (Stanford           
Health Care) Ser. A  5.00  11/15/2037  3,360,000   3,914,938 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
California Health Facilities Financing           
Authority,           
Revenue Bonds, Refunding (Sutter           
Health) Ser. A  5.00  8/15/2043  2,000,000   2,209,880 
California Health Facilities Financing           
Authority,           
Revenue Bonds, Refunding (Sutter           
Health) Ser. B  5.00 11/15/2046 12,275,000   13,676,805 
California Health Facilities Financing           
Authority,           
Revenue Bonds, Refunding (Sutter           
Health) Ser. D  5.25  8/15/2031  3,500,000   3,792,355 
California Infrastructure and Economic           
Development Bank,           
Revenue Bonds, Refunding (Academy           
of Motion Pictures Arts and Sciences           
Obligated Group)  5.00  11/1/2041  2,250,000   2,494,642 
California Municipal Finance Authority,           
Charter School Revenue Bonds (The           
Palmdale Aerospace Academy           
Project)  5.00  7/1/2041  1,750,000 c  1,817,253 
California Municipal Finance Authority,           
Charter School Revenue Bonds (The           
Palmdale Aerospace Academy           
Project)  5.00  7/1/2046  1,670,000 c  1,726,780 
California Municipal Finance Authority,           
Revenue Bonds (California Baptist           
University) Ser. A  5.00  11/1/2046  2,500,000 c  2,677,000 
California Municipal Finance Authority,           
Revenue Bonds (Channing House           
Project) Ser. B  5.00  5/15/2047  2,500,000   2,877,625 
California Municipal Finance Authority,           
Revenue Bonds (LAX Integrated           
Express Solutions Project)  5.00 12/31/2035  1,500,000   1,705,230 
California Municipal Finance Authority,           
Revenue Bonds (Student Housing           
Project, CHF-Riverside I LLC)  5.00  5/15/2043  2,000,000   2,196,140 
California Municipal Finance Authority,           
Revenue Bonds, Refunding (Biola           
University)  5.00  10/1/2039  1,000,000   1,118,160 
California Municipal Finance Authority,           
Revenue Bonds, Refunding           
(Community Medical Centers) Ser. A  5.00  2/1/2036  1,000,000   1,113,140 
California Municipal Finance Authority,           
Revenue Bonds, Refunding           
(Community Medical Centers) Ser. A  5.00  2/1/2037  1,000,000   1,108,490 
California Municipal Finance Authority,           
Revenue Bonds, Refunding           
(Eisenhower Medical Center) Ser. A  5.00  7/1/2037  1,000,000   1,108,700 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
California Municipal Finance Authority,           
Revenue Bonds, Refunding           
(Eisenhower Medical Center) Ser. A  5.00  7/1/2036  1,100,000   1,227,061 
California Municipal Finance Authority,           
Revenue Bonds, Refunding           
(Eisenhower Medical Center) Ser. A  5.00  7/1/2042  3,500,000   3,839,255 
California Municipal Finance Authority,           
Revenue Bonds, Refunding           
(Eisenhower Medical Center) Ser. B  5.00  7/1/2042  2,500,000   2,742,325 
California Municipal Finance Authority,           
Student Housing Revenue Bonds           
(Bowles Hall Foundation) Ser. A  5.00  6/1/2050  1,500,000   1,585,440 
California Pollution Control Financing           
Authority,           
Revenue Bonds (San Jose Water           
Company Project)  5.10  6/1/2040  5,500,000   5,740,900 
California Pollution Control Financing           
Authority,           
Water Facilities Revenue Bonds           
(American Water Capital Corporation           
Project)  5.25  8/1/2040  7,500,000 c  7,888,650 
California Public Finance Authority,           
Revenue Bonds, Refunding (Henry           
Mayo Newhall Hospital)  5.00 10/15/2047 3,000,000   3,213,840 
California Public Finance Authority,           
University Housing Revenue Bonds           
(NCCD-Claremont Properties LLC-           
Claremont Colleges Project) Ser. A  5.00  7/1/2047  1,000,000 c  1,012,160 
California School Finance Authority,           
Charter School Revenue Bonds,           
Refunding (Aspire Public Schools -           
Obligated Group)  5.00  8/1/2041  1,750,000 c  1,868,160 
California School Finance Authority,           
Revenue Bonds (Green Dot Public           
School Authority) Ser. A  5.00  8/1/2048  1,650,000 c  1,799,886 
California School Finance Authority,           
School Facility Revenue Bonds           
(Alliance for College-Ready Public           
Schools Projects) Ser. A  5.00  7/1/2045  3,500,000 c  3,730,510 
California State Public Works Board,           
LR (Department of Corrections and           
Rehabilitation) (Various Correctional           
Facilities) Ser. A  5.00  9/1/2026  3,000,000   3,480,300 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)           
Ser. D  5.00  12/1/2031  10,000,000   10,815,500 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
California Statewide Communities           
Development Authority,           
Revenue Bonds (Loma Linda           
University Medical Center) Ser. A  5.50  12/1/2058  1,500,000 c  1,640,610 
California Statewide Communities           
Development Authority,           
Revenue Bonds (Cottage Health           
System Obligated Group)  5.00  11/1/2040  11,940,000   12,421,660 
California Statewide Communities           
Development Authority,           
Revenue Bonds (Cottage Health           
System Obligated Group)  5.25  11/1/2030  3,750,000   3,959,775 
California Statewide Communities           
Development Authority,           
Revenue Bonds (Henry Mayo           
Newhall Memorial Hospital)           
(Insured; Assured Guaranty           
Municipal Corp.) Ser. A  5.25  10/1/2043  2,100,000   2,308,215 
California Statewide Communities           
Development Authority,           
Revenue Bonds (Loma Linda           
University Medical Center) Ser. A  5.00  12/1/2036  5,250,000 c  5,620,755 
California Statewide Communities           
Development Authority,           
Revenue Bonds (Viamonte Senior           
Living Project)  3.00  7/1/2025  3,700,000   3,762,086 
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding (Baptist           
University) Ser. A  5.00  11/1/2041  700,000 c  759,297 
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding (Baptist           
University) Ser. A  5.00  11/1/2032  1,855,000 c  2,056,119 
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding (Buck           
Institute for Research on Aging)           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00   11/15/2034 2,390,000   2,692,000 
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding (Cottage           
Health System Obligated Group)  5.00  11/1/2043  4,000,000   4,424,360 
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding (Front           
Porch Communities & Services)  5.00  4/1/2047  4,555,000   5,051,723 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding (John           
Muir Health) Ser. A  5.00  8/15/2041  1,200,000   1,337,604 
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding           
(University of California, Irvine East           
Campus Apartments)  5.00  5/15/2040  3,000,000   3,279,090 
California Statewide Communities           
Development Authority,           
Revenue Bonds, Refunding(American           
Baptist Homes of the West)  5.00  10/1/2045  3,550,000   3,763,674 
California Statewide Communities           
Development Authority,           
Student Housing Revenue Bonds           
(University of California Irvine           
Campus Apartments Phase IV)  5.00  5/15/2042  4,000,000   4,404,520 
Carlsbad Unified School District,           
GO, Convertible Capital Appreciation           
Election, Ser. B  0/6.00  5/1/2034  5,000,000 a  5,991,000 
County of Sacramento CA Airport           
System Revenue,           
Revenue Bonds, Refunding, Ser. C  5.00  7/1/2028  5,615,000   6,777,642 
Escondido Union High School District,           
GO, Ser. C  0.00  8/1/2046  3,000,000 b  1,000,110 
Foothill/Eastern Transportation           
Corridor Agency,           
Senior Lien Toll Road Revenue           
Bonds, Refunding (Insured; Assured           
Guaranty Municipal Corp.)  0.00  1/15/2035  10,000,000 b  5,661,900 
Fresno Joint Powers Financing           
Authority,           
Lease Revenue Bonds, Refunding           
(Master Lease Project) (Insured;           
Assured Guaranty Municipal           
Corporation) Ser. A  5.00  4/1/2037  850,000   961,240 
Fresno Joint Powers Financing           
Authority,           
Lease Revenue Bonds, Refunding           
(Master Lease Project) (Insured;           
Assured Guaranty Municipal           
Corporation) Ser. A  5.00  4/1/2035  1,000,000   1,143,250 
Golden State Tobacco Securitization           
Corporation,           
Revenue Bonds, Refunding (Tobacco           
Settlement) Ser. A-1  5.00  6/1/2026  2,500,000   2,865,200 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
Golden State Tobacco Securitization           
Corporation,           
Revenue Bonds, Refunding,           
Refunding, Ser. A-1  5.00  6/1/2047  4,500,000   4,343,940 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds, Ser. B  0.00  6/1/2047  50,000,000 b  8,035,000 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Revenue Bonds, Refunding Ser. A-1  5.00  6/1/2029  8,000,000   9,097,680 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/2026  3,265,000 b  2,755,138 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/2023  4,850,000 b  4,470,536 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/2022  3,605,000 b  3,395,910 
Hesperia Community Redevelopment           
Agency Successor Agency,           
Tax Allocation (Insured; Assured           
Guaranty Municipal Corporation) Ser.           
A  5.00  9/1/2035  6,835,000   7,960,383 
Hesperia Community Redevelopment           
Agency Successor Agency,           
Tax Allocation (Insured; Assured           
Guaranty Municipal Corporation) Ser.           
A  5.00  9/1/2034  3,255,000   3,804,574 
Imperial Irrigation District,           
Electric System Revenue Bonds,           
Refunding, Ser. C  5.00  11/1/2038  1,800,000   2,041,668 
Imperial Irrigation District,           
Electric System Revenue Bonds,           
Refunding, Ser. C  5.00  11/1/2037  2,500,000   2,843,925 
Irvine City,           
Special Tax Bonds  5.00  9/1/2048  4,250,000   4,656,342 
Irvine City,           
Special Tax Bonds  5.00  9/1/2043  2,500,000   2,745,150 
Irvine City,           
Special Tax GO (Great Park)  5.00  9/1/2044  2,500,000   2,657,625 
Irvine Unified School District,           
Special Tax Bonds, Ser. A  5.00  9/1/2042  400,000   438,208 
Irvine Unified School District,           
Special Tax Bonds, Ser. B  5.00  9/1/2042  1,000,000   1,095,520 
Irvine Unified School District,           
Special Tax Bonds, Ser. C  5.00  9/1/2042  1,000,000   1,095,520 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 101.0% (continued)     
California - 100.3% (continued)         
Jurupa Public Financing Authority,         
Special Tax Bonds, Refunding, Ser. A  5.00  9/1/2042  3,420,000  3,810,701 
Lancaster Redevelopment Agency,         
GO, Refunding (Comb Redevelopment         
Project Areas) (Insured; Assured         
Guaranty Municipal Corporation)  5.00  8/1/2033  1,200,000  1,388,124 
Lodi Public Financing Authority,         
Electric Revenue Bonds, Refunding         
(Insured; Assured Guaranty         
Municipal Corporation)  5.00  9/1/2030  1,275,000  1,553,218 
Long Beach,         
Harbor Revenue Bonds, Ser. D  5.00  5/15/2042  3,500,000  3,984,190 
Los Angeles Community Facilities         
District,         
Special Tax Bonds, Refunding (Playa         
Vista-Phase 1)  5.00  9/1/2030  1,110,000  1,260,427 
Los Angeles Community Facilities         
District,         
Special Tax Bonds, Refunding (Playa         
Vista-Phase 1)  5.00  9/1/2029  1,190,000  1,357,195 
Los Angeles County Public Works         
Financing Authority,         
LR, Revenue Bonds, Ser. D  5.00  12/1/2045  4,000,000  4,487,080 
Los Angeles County Regional Financing         
Authority,         
Revenue Bonds (MonteCedro Inc.         
Project) Ser. A  5.00 11/15/2044 2,000,000  2,198,780 
Los Angeles Department of Airports,         
Revenue Bonds, Refunding, Ser. A  5.00  5/15/2027  2,370,000  2,844,474 
Los Angeles Department of Airports,         
Revenue Bonds, Refunding, Ser. A  5.00  5/15/2028  4,215,000  5,107,442 
Los Angeles Department of Airports,         
Senior Revenue Bonds (Los Angeles         
International Airport)  5.00  5/15/2038  3,500,000  3,887,135 
Los Angeles Department of Airports,         
Senior Revenue Bonds (Los Angeles         
International Airport)  5.00  5/15/2029  3,915,000  4,077,707 
Los Angeles Department of Airports,         
Senior Revenue Bonds (Los Angeles         
International Airport)  5.00  5/15/2035  25,000,000  25,990,250 
Los Angeles Department of Airports,         
Senior Revenue Bonds (Los Angeles         
International Airport) Ser. A  5.25  5/15/2029  16,090,000  16,215,019 
Los Angeles Department of Airports,         
Subordinate Revenue Bonds,         
Refunding (Los Angeles International         
Airport) Ser. C  5.00  5/15/2038  4,500,000  5,081,265 
Los Angeles Harbor Department,         
Revenue Bonds, Refunding, Ser. B  5.00  8/1/2039  2,050,000  2,331,137 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
Los Angeles Harbor Department,           
Revenue Bonds, Refunding, Ser. C  4.00  8/1/2039  10,000,000   10,468,400 
Metropolitan Water District of           
Southern California,           
Water Revenue Bonds, Refunding,           
Ser. A  5.00  10/1/2034  5,000,000   5,478,950 
Metropolitan Water District of           
Southern California,           
Water Revenue Bonds, Ser. A  5.00  7/1/2040  2,000,000   2,288,580 
North Natomas Community Facilities           
District,           
Special Tax Bonds, Refunding, Ser. E  5.25  9/1/2026  2,760,000   3,132,710 
Northern California Power Agency,           
Revenue Bonds, Refunding           
(Hydroelectric Project Number 1)           
(Insured; AMBAC)  7.50  7/1/2021  295,000 d  323,013 
Northern California Transmission           
Agency,           
Revenue Bonds, Refunding           
(California-Oregon Transmission           
Project) Ser. A  5.00  5/1/2039  1,500,000   1,701,090 
Northern California Transmission           
Agency,           
Revenue Bonds, Refunding           
(California-Oregon Transmission           
Project) Ser. A  5.00  5/1/2038  1,565,000   1,776,557 
Oakland Redevelopment Successor           
Agency,           
Subordinated Tax Allocation Revenue           
Bonds, Refunding (Insured; Assured           
Guaranty Municipal Corp.) Ser. TE  5.00  9/1/2036  3,000,000   3,424,260 
Oakland Unified School District,           
GO, Ser. A  5.00  8/1/2040  3,500,000   4,012,330 
Orange County Community Facilities           
District,           
Special Tax Bonds (Esencia Village           
Improvement Area #1)  5.00  8/15/2042  3,000,000   3,261,090 
Orange County Community Facilities           
District,           
Special Tax Bonds (Esencia Village           
Improvement Area #1)  5.00  8/15/2047  1,000,000   1,082,920 
Orange County Community Facilities           
District,           
Special Tax Bonds (Village of Esencia)           
Ser. A  5.00  8/15/2041  6,000,000   6,442,980 
Palomar Community College District,           
GO, Convertible Capital Appreciation           
Election, Ser. B  0/6.38  8/1/2045  16,615,000 a  13,493,208 
Palomar Health,           
Revenue Bonds, Refunding  5.00  11/1/2026  1,845,000   2,136,141 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 101.0% (continued)     
California - 100.3% (continued)         
Palomar Health,         
Revenue Bonds, Refunding (Palomar         
Health and Arch Health Partners)  5.00  11/1/2042  5,000,000  5,332,900 
Peralta Community College District,         
GO, Refunding (Dedicated Unlimited         
Ad Valorem Property Tax Bonds) Ser.         
A  4.00  8/1/2039  5,000,000  5,202,850 
Pomona Redevelopment Agency,         
Tax Allocation Revenue Bonds (West         
Holt Avenue Redevelopment Project)         
Ser. Y  5.50  5/1/2032  3,000,000  3,700,770 
Pomona Unified School District,         
GO (Insured; Build America Mutual         
Assurance Company) Ser. F  5.00  8/1/2039  2,000,000  2,242,920 
Sacramento County,         
Airport System Revenue Bonds,         
Refunding, Ser. B  5.00  7/1/2035  1,000,000  1,180,820 
Sacramento County,         
Airport System Revenue Bonds,         
Refunding, Ser. B  5.00  7/1/2036  1,375,000  1,616,175 
Sacramento County,         
Airport System Senior Revenue         
Bonds, Refunding, Ser. A  5.00  7/1/2041  3,250,000  3,654,072 
Sacramento County Water Financing         
Authority,         
Revenue Bonds (Sacramento County         
Water Agency Zones 40 and 41 Water         
System Project) (Insured; National         
Public Finance Guarantee Corp.) Ser.         
A  5.00  6/1/2025  5,000,000  5,012,850 
Sacramento Municipal Utility District,         
Electric Revenue Bonds, Refunding,         
Ser. X  5.00  8/15/2028  1,845,000  1,990,423 
San Diego Association of Governments,         
South Bay Expressway Toll Revenue         
Bonds, Refunding, Ser. A  5.00  7/1/2038  2,000,000  2,278,000 
San Diego Association of Governments,         
South Bay Expressway Toll Revenue         
Bonds, Refunding, Ser. A  5.00  7/1/2042  6,000,000  6,765,240 
San Diego County Regional Airport         
Authority,         
Revenue Bonds, Refunding, Ser. A  5.00  7/1/2042  3,000,000  3,408,390 
San Diego County Regional Airport         
Authority,         
Subordinate Airport Revenue Bonds,         
Ser. A  5.00  7/1/2034  3,000,000  3,124,470 
San Diego County Regional         
Transportation Commission,         
Sales Tax Revenue Bonds, Ser. A  5.00  4/1/2044  10,000,000  11,293,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
San Francisco City & County Airport           
Comm-San Francisco International           
Airport,           
Revenue Bonds, Refunding (SFO Fuel           
Co LLC) Ser. A  5.00  1/1/2047  4,000,000   4,495,640 
San Francisco City and County Airport           
Commission,           
Second Series Revenue Bonds,           
Refunding (San Francisco           
International Airport) Ser. A  5.00  5/1/2029  1,000,000   1,203,810 
San Francisco City and County Airport           
Commission,           
Second Series Revenue Bonds,           
Refunding (San Francisco           
International Airport) Ser. A  5.00  5/1/2032  1,000,000   1,165,100 
San Francisco City and County Airport           
Commission,           
Second Series Revenue Bonds,           
Refunding (San Francisco           
International Airport) Ser. GOTVL  5.00  5/1/2028  2,000,000   2,191,980 
San Francisco City and County Airport           
Commission,           
Second Series Revenue Bonds,           
Refunding (San Francisco           
International Airport) Ser. GOTVL  5.00  5/1/2029  2,000,000   2,188,760 
San Francisco City and County Public           
Utilities Commission,           
San Francisco Water Revenue Bonds  5.00  11/1/2037  10,000,000   10,953,400 
San Francisco City and County           
Redevelopment Agency Community           
Facilities District,           
Special Tax Revenue Bonds (Mission           
Bay South Public Improvements)    8/1/2021  500,000 b  438,480 
San Joaquin Hills Transportation           
Corridor Agency,           
Senior Lien Toll Road Revenue           
Bonds, Refunding, Ser. A  5.00  1/15/2050  5,000,000   5,372,950 
San Jose Airport,           
Revenue Bonds, Refunding, Ser. B  5.00  3/1/2042  2,550,000   2,884,891 
Santa Margarita Water District           
Community Facilities District           
Number,           
Special Tax Revenue Bonds (Village           
of Sendero)  5.63  9/1/2043  7,000,000   7,516,950 
Santa Margarita Water District           
Community Facilities District           
Number,           
Special Tax Revenue Bonds,           
Refunding (Talega) Ser. B  5.00  9/1/2027  1,945,000   2,137,497 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 101.0% (continued)     
California - 100.3% (continued)         
South Orange County Public Financing         
Authority,         
Special Tax Senior Lien Revenue         
Bonds, Refunding (Ladera Ranch)         
Ser. A  5.00  8/15/2029  1,500,000  1,628,025 
South Orange County Public Financing         
Authority,         
Special Tax Senior Lien Revenue         
Bonds, Refunding (Ladera Ranch)         
Ser. A  5.00  8/15/2030  1,000,000  1,080,800 
Southern California Public Power         
Authority,         
Revenue Bonds (Linden Wind Energy         
Project) Ser. A  5.00  7/1/2028  2,145,000  2,237,750 
Southern California Public Power         
Authority,         
Revenue Bonds (Linden Wind Energy         
Project) Ser. A  5.00  7/1/2029  1,230,000  1,283,013 
Southern California Public Power         
Authority,         
Revenue Bonds (Milford Wind         
Corridor Phase I Project)  5.00  7/1/2029  10,865,000  11,156,291 
Southern California Public Power         
Authority,         
Revenue Bonds (Windy Point/Windy         
Flats Project)  5.00  7/1/2027  7,765,000  8,107,048 
Stockton Unified School District,         
GO (Insured; Assured Guaranty         
Municipal Corp.) Ser. A  5.00  8/1/2038  2,500,000  2,798,275 
Stockton Unified School District,         
GO, Refunding (Insured; Assured         
Guaranty Municipal Corp.)  5.00  7/1/2026  1,115,000  1,231,562 
Stockton Unified School District,         
GO, Refunding (Insured; Assured         
Guaranty Municipal Corp.)  5.00  7/1/2025  1,620,000  1,792,676 
Successor Agency to the         
Redevelopment Agency of the City         
and County of San Francisco,         
Tax Allocation Revenue Bonds         
(Mission Bay South Redevelopment         
Project) (Insured; National Public         
Finance Guarantee Corp.) Ser. B  5.00  8/1/2043  1,100,000  1,224,619 
Successor Agency to the         
Redevelopment Agency of the City         
and County of San Francisco,         
Tax Allocation Revenue Bonds,         
Refunding (Mission Bay North         
Redevelopment Project) Ser. A  5.00  8/1/2036  1,555,000  1,767,911 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
Successor Agency to the           
Redevelopment Agency of the City           
and County of San Francisco,           
Tax Allocation Revenue Bonds,           
Refunding (Mission Bay South           
Redevelopment Project) (Insured;           
National Public Finance Guarantee           
Corp.) Ser. C  5.00  8/1/2041  1,750,000   1,952,318 
Successor Agency to the           
Redevelopment Agency of the City of           
Pittsburg,           
Subordinate Tax Allocation Revenue           
Bonds, Refunding (Los Medanos           
Community Development Project)           
(Insured; Assured Guaranty           
Municipal Corp.) Ser. A  5.00  9/1/2028  3,000,000   3,528,600 
Tender Option Bond Trust Receipts           
(Series 2016-XM0375),           
(Riverside County Transportation           
Commission, Sales Tax Revenue           
Bonds) Non-recourse  5.25  6/1/2021  7,500,000 c,e  8,649,037 
Tender Option Bond Trust Receipts           
(Series 2016-XM0379),           
(Los Angeles Department of Water           
and Power, Water System Revenue           
Bonds) Non-recourse  5.00  7/1/2020  12,000,000 c,e  13,082,910 
Tobacco Securitization Authority of           
Northern California,           
North Tobacco Settlement Revenue           
Bonds (Capital Appreciation-2nd           
Sub-Asset Backed C)  0.00  6/1/2045  66,760,000 b  7,108,605 
Tobacco Securitization Authority of           
Southern California,           
Tobacco Settlement Asset-Backed           
Bonds (San Diego County Tobacco           
Asset Securitization Corporation) Ser.           
A1  4.75  6/1/2025  595,000   595,012 
Tobacco Securitization Authority of           
Southern California,           
Tobacco Settlement Asset-Backed           
Bonds (San Diego County Tobacco           
Asset Securitization Corporation) Ser.           
A1  5.13  6/1/2046  5,850,000   5,850,175 
Torrance,           
Revenue Bonds (Torrance Memorial           
Medical Center)  5.00  9/1/2040  3,000,000   3,134,460 
Turlock Irrigation District,           
Revenue Bonds, Refunding, Ser. A  5.00  1/1/2026  25,000   25,698 
University of California,           
Systemwide Revenue Bonds,           
Refunding, Ser. A  5.00  11/1/2038  5,000,000   5,766,300 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 101.0% (continued)       
California - 100.3% (continued)           
University of California Regents,           
General Revenue Bonds, Ser. AM  5.25  5/15/2030  3,000,000   3,484,560 
University of California Regents,           
Limited Project Revenue Bonds, Ser.           
G  5.00  5/15/2042  10,000,000   10,870,300 
University of California Regents,           
Medical Center Pooled Revenue           
Bonds, Refunding, Ser. L  4.00  5/15/2044  3,000,000   3,043,200 
University of California Regents,           
Medical Center Pooled Revenue           
Bonds, Ser. J  5.00  5/15/2043  10,000,000   10,872,600 
Walnut Energy Center Authority,           
Revenue Bonds, Refunding  5.00  1/1/2027  3,150,000   3,664,174 
Wiseburn School District,           
GO (CABS Election of 2010) Ser. C  0.00  8/1/2037  6,400,000   3,213,312 
          863,375,296 
U.S. Related - .7%           
Puerto Rico Highway & Transportation           
Authority,           
Highway Revenue Bonds, Refunding           
(Insured; Assured Guaranty           
Municipal Corporation) Ser. CC  5.25  7/1/2034  5,905,000   6,551,361 
Total Long-Term Municipal Investments           
(cost $839,628,716)          869,926,657 
 
Short-Term Municipal Investments - .5%           
California - .5%           
Los Angeles Department of Water and           
Power,           
Revenue Bonds, Refunding, Ser. B-3  1.48  3/8/2019  3,700,000 f  3,700,000 
U. S. Government Securities           
U.S. Treasury Bills  2.46  6/13/2019  85,000 g,h  84,414 
Total Short-Term Municipal Investments           
(cost $3,784,409)          3,784,414 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Total Investments (cost $843,413,125)  101.5 %  873,711,071  
Liabilities, Less Cash and Receivables  (1.5 %)  (12,614,062 ) 
Net Assets  100.0 %  861,097,009  

 

a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
b Security issued with a zero coupon. Income is recognized through the accretion of discount. 
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued 
at $55,929,120 or 6.5% of net assets. 
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by 
U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire 
the bonds in full at the earliest refunding date. 
e Collateral for floating rate borrowings. 
f The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and 
may, but need not, be established by reference to one or more financial indices. 
g Held by a counterparty for open exchange traded derivative contracts. 
h Security is a discount security. Income is recognized through the accretion of discount. 

 

 

STATEMENT OF FINANCIAL FUTURES
Dreyfus California AMT-Free Municipal Bond Fund
February 28, 2019 (Unaudited)

 
  Number of    Notional    Unrealized 
Description  Contracts Expiration   Value ($)  Value ($)  Appreciation ($) 
Futures Short           
U.S. Treasury 10 Year           
     Notes  58 3/19   7,080,532  7,061,500  19,032 
Gross Unrealized Appreciation          19,032 

 

See notes to financial statements.

 

STATEMENT OF FINANCIAL FUTURES
Dreyfus California AMT-Free Municipal Bond Fund
February 28, 2019 (Unaudited)

The following is a summary of the inputs used as of February 28, 2019 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds†  -  873,626,657   -  873,626,657  
U.S. Treasury  -  84,414   -  84,414  
Other Financial Instruments:             
Futures††  19,032  -   -  19,032  
Liabilities ($)             
Floating Rate Notes†††  -  (12,750,000 )  -  (12,750,000 ) 

 

†  See Statement of Investments for additional detailed categorizations. 
††  Amount shown represents unrealized appreciation at period end. 
†††  Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. 

 

 

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at

 

NOTES

fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity

 

NOTES

Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at February 28, 2019 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.

At February 28, 2019, accumulated net unrealized appreciation on investments was $30,297,946, consisting of $35,459,566 gross unrealized appreciation and $5,161,620 gross unrealized depreciation.

At February 28, 2019, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.

 

 

Item 2.                 Controls and Procedures.

(a)          The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)          There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                 Exhibits.

(a)          Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Premier California AMT-Free Municipal Bond Fund, Inc.

By:         /s/ Bradley J. Skapyak

               Bradley J. Skapyak

               President

 

Date:      April 16, 2019

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:         /s/ Bradley J. Skapyak

               Bradley J. Skapyak

               President

 

Date:      April 16, 2019

 

By:         /s/ James Windels

               James Windels

               Treasurer

 

Date:      April 16, 2019

 

EXHIBIT INDEX

(a)          Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)